GQG Partners sells JSW Energy’s shares for Rs 676 cr

New Delhi: US-based investment firm GQG Partners on Tuesday offloaded shares worth Rs 676 crore in JSW Energy through an open market transaction.

According to BSE bulk deal data, the Rajiv Jain-led firm, via its GQG Partners Emerging Markets Equity Fund, sold over 1.52 crore shares (1,52,40,805), amounting to a 0.87 per cent stake in the power

company.

The shares were sold at an average price of Rs 444 each, valuing the deal at Rs 676.69 crore. Following the sale, GQG Partners’ stake in JSW Energy dropped to 0.92 per cent, down from 1.79 per cent. Details of the buyers were not disclosed by the exchange.

JSW Energy’s stock ended 0.44 per cent lower at Rs 451.60 on the BSE.

Earlier in October, the company reported a more than 17 per cent year-on-year decline in consolidated net profit to Rs 705 crore for the September quarter, hurt by rising expenses. It had posted a profit of Rs 853 crore in the same period last year.

However, total revenue rose 59 per cent to Rs 5,361 crore during July–September, compared with Rs 3,459 crore a year earlier. Agencies